Mortgage brokers, virtually nonexistent 25 years ago, now number 400,000 workers at more than 50,000 firms. They are scrappy entrepreneurs and sales representatives who match up borrowers and lenders on roughly 7 out of 10 mortgages. This year, they will collect some $33 billion from their share of an estimated $2.8 trillion in home mortgages.
Mortgage bankers, firms that lend their own money and then quickly resell the loans, can operate even more profitably.
Saturday, October 08, 2005
With Mortgages, Instant Wealth for Middlemen
The New York Times reports:
